When you hear Homeowner Associations, you probably immediately conjure up images of old ladies with blue hair, sitting around all day, tattling on their neighbors for breaking the rules. Like buzzards waiting for something to die, they spy on you between their blinds and the minute you hang something from your balcony, even for a minute, they’re on the phone, getting you in trouble.

Okay, that may be a bit of a dramatization on my part. Homeowner Associations do actually have inherent worth. But what is that worth? Have you ever wondered what are the benefits (and real drawbacks) of an HOA? If you ever find yourself or a friend in the market to purchase a home or condo with an HOA, trust me, you’ll want to know these little tidbits. They can weigh heavily on your ultimate decision to purchase. Here are our top 3 benefits and drawbacks of a Homeowner Association (and their fees).